SEPTA changes station name, nets millions
SEPTA’s capital budget will see a few million more dollars thanks to the terms of its new naming rights deal with NRG Energy.
The public transit agency and the power company announced Thursday a five-year, $5.3 million naming rights deal that will put the NRG name on signs, maps and interactive screens throughout the Broad Street Line Station where Pattison Avenue is the cross-street, writes Alison Burdo at bizjounrnals.com.
SEPTA has a similar deal with AT&T that gave the telecommunications provider naming rights to the station beginning in 2010. The financial terms of the deal, however, have changed with the NRG agreement – in the favor of SEPTA.
The more than $5 million AT&T deal was split 65-35 between the Authority and its advertising management firm; the breakdown of the NRG contract sends 85 percent of the dollars to SEPTA, Andrew Busch, a transit agency spokesman told the Business Journal. That means SEPTA will get roughly $4.5 million this time around. Its AT&T contract netted the Authority closer to $3.5 million.
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